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Baird and Hilliard Lyons, two established regional firms, to merge

November 27, 2018

In a merger of two established regional brokerage firms, Baird late Tuesday said it agreed to acquire Hilliard Lyons. Combined, the two will have 1,270 financial advisers. The terms of the deal, which is subject to the approval of regulators,...

Independent Perspective: Why Reza Zamani Chose Independence

November 26, 2018

Going independent as a Registered Investment Advisor (RIA) is a decision requiring considerable thought and planning. In this second of a three-part series, InvestmentNews Content Strategy Studio explores how one advisor — Reza Zamani, Senior...

The gold rush that is reshaping private banking

November 26, 2018

Ten years ago, stock markets plunged, major banks faltered, and the global economy teetered on a precipice. Few would have predicted that the ensuing decade would produce an explosion in wealth. But that's just what happened. An unprecedented...

Finra fines H. Beck $400,000 for unsuitable sale of variable annuities

November 21, 2018

The Financial Industry and Regulatory Authority Inc. fined H. Beck $400,000 Tuesday for failing to mandate and enforce its own written supervisory procedures, resulting in the unsuitable sale of L-share variable annuities tied to long-term riders....

Ohio National lays off chief distribution officer; president retires after three months on the job

November 20, 2018

Ohio National Financial Services Inc. laid off its chief distribution officer, H. Douglas Cooke, at the same time that president and chief operating officer Christopher Carlson has decided to retire, three months after being promoted. The executive...

As it works to pull off a merger, FS Investments admits shortcomings

November 20, 2018

In a highly unusual move for an investment company, FS Investments is currently performing a "mea culpa" for investors and financial advisers. Any expression of weakness or regret in the kill or be killed world of the asset management and brokerage...

Morgan Stanley launches new adviser technology dashboard

November 20, 2018

Morgan Stanley is bringing all of the pieces of its adviser technology suite together in one digital dashboard called WealthDesk. WealthDesk provides Morgan Stanley advisers with a consolidated view of their entire book of business and integrates...

Fight for New Jersey fiduciary rule yields doomsday rhetoric from both sides

November 19, 2018

The fight over New Jersey's proposed fiduciary standard for brokers has only just commenced, and stakeholders on both sides of the spat already are resorting to gloom-and-doom forecasts, linking the rule's fate to an impending catastrophe and...

Fortress Biotech selling its majority stake in National Holdings

November 19, 2018

National Holdings Corp., home to about 700 independent registered reps and advisers, said Monday that B. Riley Financial is buying a 49% stake in the broker-dealer. B. Riley Financial, which owns a variety of financial services businesses, bought...

Lessons I've learned on how to thrive

November 17, 2018

This year's Women to Watch winners are an exceptionally talented group of industry leaders whose acumen, leadership, mentorship and service stand out within their organizations and the financial services industry. As I learned of the accomplishments...

Adviser suffers the challenge of being a disabled woman on Wall Street

November 17, 2018

In late 2009, I watched the foot traffic in the financial district and wondered where the middle-aged professional women in finance had gone. Those women in their St. John suits had all but evaporated. As it turns out, between 2000 and 2010...

Wells Fargo cuts 1,000 jobs across the U.S.

November 15, 2018

Wells Fargo & Co. is cutting about 1,000 jobs across its consumer-lending and tech-payments units as part of a much larger workforce reduction announced earlier this year. Approximately 900 of the positions will come from the bank's home-lending...

Auditor walks away from private placement firm GPB Capital

November 14, 2018

Investors in private placement funds of GPB Capital Holdings who have been waiting for financial statements for its two largest funds will have to keep on waiting. GPB said in August it was overhauling and restating the 2015 and 2016 financial...

LPL providing credit monitoring, identity protection to investors exposed by data breach

November 14, 2018

LPL Financial is taking steps to safeguard financial advisers and their clients whose names, addresses, account numbers and Social Security numbers were exposed in a recent data breach. According to LPL spokesman Jeff Mochal, the broker-dealer...

Quick change in plans has Bob Oros headed to HighTower

November 14, 2018

Two weeks ago, it was announced that Bob Oros was leaving HD Vest Financial Services after less than two years as its CEO. The company seemed OK with the decision and pleased that he was going to stay on until March as a consultant. How quickly...

Waddell & Reed will no longer lease office space for many of its brokers

November 14, 2018

Waddell & Reed Inc. will no longer lease office space for most of its 1,074 independent contractor brokers and advisers, requiring them to find and relocate to their own offices by the end of 2020. Most of the firm's brokers and advisers currently...

Advisor Group launching new paperless onboarding technology

November 13, 2018

Advisor Group has new technology to equip the independent firms in its network — FSC Securities Corporation, Royal Alliance Associates, SagePoint Financial and Woodbury Financial — with digital client onboarding and account management. The...

Commonwealth Financial Network to launch parallel business for RIAs

November 13, 2018

Commonwealth Financial Network, already a major independent broker-dealer, intends to broaden its business by setting up a parallel business for registered investment advisers. Commonwealth has already seen at least 75 of its 1,800 reps shift...

Finra finds Commonwealth Financial overcharged these investors

November 12, 2018

Commonwealth Financial Network becomes the latest firm caught up in Finra's focus on overcharging retirement plan investors via mutual fund share classes. The Financial Industry Regulatory Authority Inc. found that over eight years through July...

Step one: Withdraw from the broker protocol

November 10, 2018

Tired of having to pay six-figure bonuses to replace some of their most productive brokers who left for competitors after the financial crisis, Morgan Stanley Wealth Management and UBS Financial Services upended the wealth management industry...

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